November 11 -- Youngor Group (600177.SH) said subsidiary Ningbo Qingchun Investment, plans to spend 400 million yuan to subscribe to 28.59 million shares issued by Huaxin Cement (600801.SH) in a private placement, reports yicai.com, citing a company filing.

The 28.59 million shares account for 3.06 percent of the cement maker’s enlarged share capital.

Youngor Group said it will not transfer the shares in the next 12 months.